New Jersey Sen. Robert Menendez (D) has introduced legislation to ensure cannabis businesses can access property, casualty, and title insurance. The Clarifying Law Around Insurance of Marijuana (CLAIM) Act, has bipartisan support in the Senate including Democrat Jeff Merkley (OR) and Republicans Rand Paul (KY) and Kevin Cramer (ND) as co-sponsors.
The bill would perform a similar function for the insurance industry as it relates to the cannabis industry as the SAFE Banking Act would for financial institutions – giving the sector explicit approval to serve cannabusinesses.
Menendez indicated that the measure would “ensure businesses can fully operate just as any other small business would.”